iFOREX review (2024) ++ How good is the broker? (2024)

iFOREX’s Trading Platform

Unlike most brokers that use the MetaTrader 4 or MetaTrader 5 software, iFOREX has its own proprietary trading platform. This trading platform is fully customizable to suit your needs.You can utilize their built-in economic calendar to keep track of important market events that might affect your trades. Some of the important economic calendar events include FOMC meetings, employment rates, non-farm payrolls, and other market-moving events. These have a big impact on how financial markets move.

Of course, their platform has built-in live charts and customizable indicators to cater to your trading needs. It’s very user-friendly and easy to use. However, if you have concerns regarding their trading platform, you can contact them via email or their customer service representatives on their website. Within their platform, you can also access trading signals that update you on the current market trends and changes in the price of your watch listed assets. This is especially useful when you don’t have time to monitor the market on a 24/5 basis.

For every asset they offer, you could also view trader sentiments. This is used to know how other traders feel about a certain market trend. If they are bullish or bearish, you can adjust your sentiment to the majority. You can also find live rates on their unique platform. This offers an overview of the most popular assets as well as the top movers. This list is updated daily and can be grouped by asset class for easier monitoring.

Keep in mind that unlike MetaTrader 4, expert advisors and social trading are not a feature in iFOREX’s trading platform.VPS or virtual private servers are also not compatible with their application. It requires no download for both Windows and Mac. If you prefer to trade on your smartphone or tablet, you can download their mobile app on the Google PlayStore or on the Apple App Store.

Opening an account on iFOREX ($100 minimum deposit)

To open an iFOREX account, you will need to go through two simple steps. Simply register by filling in your details on their website. They will ask for your full name, email, phone number, official identity document, and proof of residence. After providing all the necessary information, they will contact you with your account credentials. Once you log in using the credentials provided to you, simply add funds to your account, and you can start trading with them.

Trade from 0.0 pips over 3,500 markets without commissions and professional platforms:

(Risk warning: 79% of retail CFD accounts lose money)

Signing up with them entitles you to a demo account, where you can practice your trading strategies without spending real money, and one on one training with a professional trading coach.According to their website, they offer international fixed interest accounts that give a payout of 3% interest annually on your account’s value. The minimum value to avail of this bonus is $1,000, and your account has to stay active every month. This means that the account must have a new or ongoing transaction every month. For Islamic clients, you will need to contact iFOREX via email for the necessary steps that you need to go through to open an account with them.

Adding and withdrawing funds on your iFOREX account

Deposits to your account can be easily made via VISA, Diners Club International, and MasterCard debit or credit cards. iFOREX also accepts payments via Neteller and Skrill and bank wire transfers.

To withdraw your funds, you will need to fill up their iFOREX’s withdrawal request form. After that, print out the document and sign it. You then send it to iFOREX on their platform along with the necessary documents. Once it’s confirmed, the amount you took out will reflect on your credit card or bank account. It’s important to note that the receipt of your withdrawal funds may take up to 28 working days.

Customer Service

iFOREX’s customer service representatives can be reached via their built-in chat service on their website, email, and phone number. They have different servers that cater to a wide range of languages. They also have their own phone number for the following countries: China, Egypt, India, Indonesia, Malaysia, Mexico, the Philippines, Russia, South Africa, Switzerland, Thailand, and the United Arab Emirates.

Bonuses: Friend bring friend

Currently, iFOREX is hosting a referral program. You can avail of this promotion by referring up to five friends to their website. Each friend would net you around $100 to $200 of a trading bonus after they deposit a certain amount. Keep in mind that this program operates under iFOREX’s terms and conditions, which are also subject to change at the company’s discretion.

Trade from 0.0 pips over 3,500 markets without commissions and professional platforms:

(Risk warning: 79% of retail CFD accounts lose money)

Conclusion: Advantages and disadvantages

Despite the overwhelming amount of stocks, forex pairs, and other products, some traders might still find it lacking in terms of ETFs or exchange-traded funds and stocks available. It is unclear as well if they offer options trading.

Considering, iFOREX has its own trading platform. Naturally, you would want to test it out first before sealing the deal with them. However, you will need a live account to be able to access their demo account. Some traders might consider this a hassle. After all, making a demo account is very simple with other brokers.

Although their customer service is prompt in responding, your concerns won’t be addressed unless you have a live account with them. They will insist on giving you a call using the contact number on your account just so they would answer your questions. This can be quite time-consuming, especially if you’re just there to browse or need questions answered before you sign up with them.

The withdrawal process can also be quite daunting. You will need to go through extra steps like printing and sending documents for them to process your withdrawal. It’s also not stated as to how you can withdraw your funds on their website. To get access to this information, you need to go to a different website that operates as their support page. Their Friend Bring Friend promo is also very vague as to which countries are eligible for this bonus. For traders who are used to the MT4 and MT5 platforms, iFOREX isn’t ideal for you. Their own platform is missing quite a few features that are found on the MT4 and MT5 platforms. However, this doesn’t mean that their software isn’t good enough. It still has a lot of perks and useful tools that traders could use.

iFOREX’s years of experience are enough to ensure that their clients will get proper service and adequate service. But considering all the factors, partnering with iFOREX is risky if you don’t know what you’re doing and if you’re not thorough and careful when dealing with this broker.

Trade from 0.0 pips over 3,500 markets without commissions and professional platforms:

(Risk warning: 79% of retail CFD accounts lose money)

FAQ – The most asked questions about iForex :

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Last Updated on January 27, 2023 by Arkady Müller